ITT Inc. (NYSE:ITT) Position Boosted by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC boosted its position in ITT Inc. (NYSE:ITT) by 184.7% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 9,590 shares of the conglomerate’s stock after purchasing an additional 6,222 shares during the period. Allspring Global Investments Holdings LLC’s holdings in ITT were worth $1,144,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in ITT. Bowen Hanes & Co. Inc. acquired a new stake in ITT in the third quarter worth approximately $26,087,000. Invesco Ltd. lifted its position in shares of ITT by 46.6% during the 3rd quarter. Invesco Ltd. now owns 614,131 shares of the conglomerate’s stock valued at $60,130,000 after acquiring an additional 195,111 shares during the last quarter. FMR LLC lifted its position in shares of ITT by 1.9% during the 3rd quarter. FMR LLC now owns 7,581,649 shares of the conglomerate’s stock valued at $742,319,000 after acquiring an additional 144,394 shares during the last quarter. Scopus Asset Management L.P. lifted its position in shares of ITT by 127.3% during the 3rd quarter. Scopus Asset Management L.P. now owns 196,391 shares of the conglomerate’s stock valued at $19,229,000 after acquiring an additional 110,000 shares during the last quarter. Finally, Comerica Bank acquired a new stake in shares of ITT during the 3rd quarter valued at $7,359,000. 91.59% of the stock is currently owned by institutional investors and hedge funds.

ITT Stock Up 3.0 %

Shares of NYSE:ITT opened at $129.57 on Wednesday. The company’s fifty day moving average is $128.57 and its two-hundred day moving average is $117.12. ITT Inc. has a 12-month low of $75.82 and a 12-month high of $138.29. The company has a market cap of $10.66 billion, a P/E ratio of 26.12, a price-to-earnings-growth ratio of 1.71 and a beta of 1.43.

ITT (NYSE:ITT) last posted its quarterly earnings results on Thursday, February 8th. The conglomerate reported $1.34 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.34. ITT had a net margin of 12.50% and a return on equity of 17.91%. The business had revenue of $829.10 million for the quarter, compared to the consensus estimate of $814.38 million. During the same period in the prior year, the business posted $1.29 earnings per share. ITT’s revenue for the quarter was up 7.0% compared to the same quarter last year. Equities research analysts anticipate that ITT Inc. will post 5.8 earnings per share for the current year.

ITT Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Friday, March 8th were given a dividend of $0.319 per share. This represents a $1.28 annualized dividend and a yield of 0.98%. This is an increase from ITT’s previous quarterly dividend of $0.29. The ex-dividend date of this dividend was Thursday, March 7th. ITT’s dividend payout ratio is presently 25.81%.

Analyst Ratings Changes

A number of equities research analysts have recently commented on ITT shares. Citigroup increased their price objective on ITT from $139.00 to $157.00 and gave the company a “buy” rating in a research report on Monday, April 8th. Stifel Nicolaus increased their price objective on ITT from $141.00 to $150.00 and gave the company a “buy” rating in a research report on Wednesday, April 17th. StockNews.com downgraded ITT from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, February 6th. KeyCorp increased their price objective on ITT from $136.00 to $150.00 and gave the company an “overweight” rating in a research report on Thursday, April 11th. Finally, DA Davidson increased their price objective on ITT from $140.00 to $155.00 and gave the company a “buy” rating in a research report on Tuesday, March 26th. Eight research analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $135.57.

ITT Company Profile

ITT Inc, together with its subsidiaries, manufactures and sells engineered critical components and customized technology solutions for the transportation, industrial, and energy markets in the United States and internationally. The Motion Technologies segment manufactures brake pads, shims, shock absorbers, and energy absorption components; and sealing technologies primarily for the transportation industry, including passenger cars, trucks, light- and heavy-duty commercial and military vehicles, buses, and trains.